Seascape Energy Asia : Interim Report and Financial Statements for the six-month period ended 31 December 2025

About this update from Seascape Energy Asia Plc

Annual Report and Financial Statements 2025 Seascape Energy Asia plc Company Information Directors James Menzies Nicholas Ingrassia Graham Stewart Geraldine Murphy Pierre Eliet (appointed 13 February 2025) Haida Hazri (appointed 13 February 2025) Michael Buck (appointed 13 January 2026) Secretary Julian Riddick Company number 12020297 Pєgistєrєd orficє 5th Floor One New Change, London, EC4M 9AF Auditor PKF Littlejohn LLP 30 Churchill Place, Canary Wharf, London E14 5RE Nominated adviser & broker Stifel Nicolaus Europe Limited 150 Cheapside, London, EC2V 6ET Joint Broker Cavendish Capital Markets Limited One Bartholomew Street, London, EC1A 7BL Solicitors K&L Gates LLP 5th Floor, One New Change, London, EC4M 9AF Registrars Equiniti Limited Highdown House, Yeoman Way, Worthing, West Sussex, BN99 3HH Contents Annual Report and Financial Statements 2025 CEO statement 2 Strategic report 3 Principal risks and uncertainties facing the business 12 Directors' report 16 Directors' responsibilities statement 20 Corporate governance statement 21 Independent auditor's report 38 Consolidated statement of comprehensive income 46 Consolidatєd statєmєnt or financial position 47 Company statєmєnt or financial position 48 Consolidated statement of change in equity 49 Company statement of change in equity 50 Consolidatєd statєmєnt or cash Ğows 51 Company statєmєnt or cash Ğows 52 Notєs to thє financial statєmєnts 53 SASB disclosures 98 Glossary 105 https://www.seascape-energy.com CEO statement Dєar Sharєholdєrs, For a sєcond consєcutivє yєar, Sєascapє saw significant growth in its business which has allowed us to establish the business as an independent player in the Malaysian upstream industry. In addition to the progress on our DEWA and 2A PSCs, growth was driven by the award of the Temaris Cluster PSC (SEA 100% PI) in June as part of the Malaysian Bid Round 2025. This єxciting award, Sєascapє's first opєratєd development, demonstrates the Company's unique positioning in Malaysia and the trust placed in us by the regulator. Temaris is a truly transformational asset for Sєascapє including both significant discovєrєd gas resources of 276 bcf and ~1 TCF of prospective rєsourcєs in both nєar-fiєld and stєp-out prospects. In the intervening period, the Company has movєd quickly to progrєss its fiєld dєvєlopmєnt plans focusing on a simple, cost-effective solution utilising nearby infrastructure. This short-cycle, shallow-water investment remains on-track to achiєvє first gas in 2028 and is bєing sizєd to allow for increased production levels on further exploration success in the area. The Temaris award also gives the Company a position to grow a new presence in the southern Malay basin. This area is becoming increasingly important to supply much-needed gas into the structurally short Peninsular Malaysian market, a situation which is anticipated to only increase driven by data centre growth and the retirement of coal-firєd powєr plants. Together with the initial phase of development on the DEWA PSC (SEA 28% PI), Seascape's єxisting portrolio will sєє it bєcomє a significant, gas-weighted producer in Malaysia by 2028 with production potential in excess of 20,000 boepd at current equity levels. The past year also saw important progress on our Block 2A PSC (SEA 10% PI), following completion of the farm down in March 2025, with formal commitment by the joint venture to drill the giant, 9 TCF Kertang deepwater exploration prospect. A rig tender is already underway by the operator, INPEX CORPORATION, which is anticipated to commence testing one of the largest undrilled structures in Malaysia by mid-2027. While Seascape continues to pursue selective growth opportunities in Malaysia and across the Southeast Asian region, recent volatility in the global markєts is likєly to impact dєal Ğow in thє near-term as companies struggle to make sense of rapid geopolitical changes. Thankfully, our relentless focus on growth over the past few years will allow Seascape to create significant, dirrєrєntiatєd valuє rrom its єxisting portfolio which is focused on the development-and-delivery of "Asian gas into Asia" supporting local, growing markets. Global events during the first halr or 2026 havє rєarfirmєd thє importancє or this strategy to develop safe and secure indigenous resources in a politically stable region. Once again, I would like to thank our stakeholders including the Seascape Board, employees, partners, regulators and service providers all of whom go the 'extra mile' to ensure the success of this business. We could not do it without your support! Nicholas Ingrassia Chiєr Exєcutivє Orficєr 20 May 2026 Strategic report Strategic The focus of the Directors is to generate shareholder value through the creation of a full-cycle E&P company in Southeast Asia. In the near-term, this will be focused on taking the Company's existing assets through the development cycle and may also include securing additional oil and gas assets through licensing rounds and/or acquisitions. Southeast Asia is home to over 700 million people, accounting for roughly 9% of the world's population and reinforcing its position as one of the most populous and dynamic regions globally. Driven by a rapidly expanding middle class, accelerating urbanisation, and improving living standards, the region's population is expected to continue growing steadily over the coming decades. This demographic momentum is closely linked to rising energy demand. As more people gain access to electricity, transportation, and modern infrastructure-and as consumption patterns shift toward more energy-intensive lifestyles-the region's overall energy needs are set to increase significantly, placing additional prєssurє on both existing systems and future energy planning. Economically, Southeast Asia is a powerhouse of growth, driven by manufacturing, trade, and a booming services sector. The region is experiencing robust GDP growth, while regional integration through initiatives such as the ASEAN Economic Community is strengthening cross-border cooperation and investment. This economic expansion is a major driver of rising energy consumption, particularly in industrial and urban areas. As a result, primary energy demand in Southeast Asia is projected to rise sharply through to 2050, with the region becoming one of the largest contributors to global energy demand growth. The need for reliable, affordable, and cleaner energy sources is more pressing than ever, particularly as countries aim to balance economic development with environmental sustainability and energy security. Natural gas is expected to play a critical role. According to Wood Mackenzie, natural gas could account for up to 30% of the region's primary energy mix by 2050. With demand set to outpace both oil and coal, gas is increasingly seen as a transitional fuel that can support industrial activity, power generation, and emissions reduction. Countries such as Malaysia, Thailand, Vietnam, and the Philippines are investing in gas infrastructure, including pipєlinєs, LNG tєrminals, and gas-firєd power plants, to secure long-term supply and reduce reliance on more carbon-intensive fuels. The importance of natural gas has been sharply underscored in 2026 by ongoing geopolitical tensions involving Iran and disruptions around the Strait of Hormuz-a strategic chokepoint through which roughly 20% or globally tradєd liquifiєd natural gas (LNG) and oil typically passes, much or it dєstinєd ror Asian markєts. Rєcєnt conĞict has disruptєd thєsє Ğows, takєn portions or Qatar's LNG єxport capacity orĞinє, and triggєrєd significant pricє volatility in both oil and natural gas worldwide, thereby straining energy security and exposing the vulnerability of global supply chains to geopolitical shocks. According to Lambert Energy, Asia, in particular, is the most exposed region to the ongoing US/Israєli conĞict with Iran and Tєhran's use of the "oil and gas weapon," including the effective closure of the Strait to most shipping; while shipments through Hormuz account for around 20% of global oil consumption, Asian economies are disproportionately affected due to their reliance on at lєast 12Mb/d or oil Ğows via thє routє-around 80% of the ~15Mb/d of crude that transits the strait (excluding a further ~5Mb/d of oil products). As domestic stockpiles fall to concerning levels, several Asian countries have moved to stabilise their energy markets by prioritising domestic supply over exports, increasing coal usage, and implementing demand-side measures to curb consumption. This context emphasises why Southeast Asian countries are doubling down on gas infrastructure: natural gas not only supports economic growth and emissions goals but also provides a buffer against externally-driven supply disruptions and price volatility. In this context, Seascape is well-positioned to help meet regional energy demands. The Company has successfully built a portfolio of high-quality, gas-weighted development assets offshore Malaysia-highlighting its ability to gєnєratє significant valuє by leveraging its core technical strengths and regional relationships. As these projects advance toward production, Seascape will also seek to capitalize on its competitive advantages to further expand our portfolio both in Malaysia and across the region. Environmental, Social and Governance The oil and gas industry has been a cornerstone of global economic development and national prosperity since the early 20 th century. While renewable energy is expanding, its growth is not yet fast or cost-effective enough to meet accelerating demand. Electricity consumption continues to outpace the deployment of renewable capacity, ensuring that hydrocarbons remain essential to the global energy mix. Recent geopolitical events - most notably the ongoing conĞict involving Iran - havє sharply underscored this reality. Disruptions to critical energy infrastructure and shipping routes, particularly through the Strait of Hormuz, have constrained global oil and gas supplies and driven significant pricє volatility. To mitigate the risk of prolonged energy instability, significantly grєatєr invєstmєnt is rєquirєd in the global energy transition, spanning both established and emerging technologies. This includes accelerating the deployment of wind and solar power, hydrogen, battery storage, carbon capture and storage, nature-based solutions, nuclear fusion, and other innovations. At the same time - though it may be contentious - continued investment in conventional energy sources remains necessary to ensure reliability and affordability during the transition. Natural gas is widely regarded as a cleaner alternative to coal and oil. It produces approximately 50-60% fewer carbon dioxide (CO 2 ) emissions than coal and 20-30% less than oil when used for power generation. As such, it serves as an important "bridge fuel" in the transition to a lower-carbon economy, helping to reduce emissions in the short to medium term while renewable capacity continues to scale. Supply shortages, exasperated by underinvestment in natural gas projects, risk creating a vulnerability that has been brought into sharper focus by current geopolitical tensions. At the time of writing, the ongoing crisis has demonstrated how quickly constrained supply can ripple through global markets, with gas infrastructure and supply chains ortєn lєss Ğєxiblє than thosє ror oil, amplirying pricє shocks and energy insecurity. The Company is committed to achieving net-zero emissions by 2050, with the potential for an earlier targєt to bє dєtєrminєd basєd on thє assєt profilє delivered through drilling campaigns and its mergers and acquisitions strategy. As an exploration and production (E&P) company, Seascape's role in the energy transition is to responsibly explore, develop, and produce hydrocarbons, particularly natural gas, while minimising associated emissions. Operations and activity Temaris Cluster (100% operated) Following the award in June 2025 as part of the Malaysia Bid Round 2025 the Company's activities have been focused on working towards the submission of a Field Development and Abandonmєnt Plan by Q4 2026 with first gas anticipated during 2028 and attracting a strategic partner. Gross production is anticipated to initially plateau at 100 mmscfd (~17,000 boepd) with an option to increase these levels on exploration success. Thє Tєmbakau fiєld comprisєs Early-Mid Miocєnє channel sandstone reservoirs with porosities of 20% to 35% and permeabilities of over one Darcy, which contains dry gas with very low levels of impurities. The Tembakau-2 well was tested and produced from the I-10 and I-20 reservoirs, with both rєsєrvoirs Ğowing at gas ratєs or 16 mmscrd (constrained by equipment). The smaller Mengkuang discovery is located 30 kms to the northeast of Tembakau in high-quality mid-Miocene sandstones and also demonstrates strong sєismic amplitudє rєsponsє. Thє fiєld is split into sєvєral lobєs and bєnєfits rrom a good dataset though a DST was not performed at the time of discovery. In addition to the existing Tembakau and Mengkuang discovєriєs, significant єxploration upsidє єxists in the stacked channel sandstone reservoirs which continue across the Temaris PSC. In January 2026, the Company announced that the Competent Persons Report, summarised later in this report, now ascribes almost 1 TCF of net mean unrisked Prospective Resources to the Temaris block. Seascape anticipates the Temaris PSC prospects to be further derisked following the 3D seismic reprocessing currently underway on the Temaris block noting that the recent mean prospective resource upgrade on the Temaris PSC, including the Keladi prospect to 423 bcf (+125%), continues to confirm Sєascapє's viєw or thє high-quality, low-risk exploration potential of the Mid-Miocene 'channel' play present across the area. Seascape currently envisions testing the Temaris upside as part of an integrated, multi-well development-and-exploration drilling programme allowing the Company to bєnєfit rrom significant cost synєrgiєs. DEWA Cluster (28%) Significant progrєss has bєєn madє on thє DEWA Complex Cluster following its award in October 2024. This asset comprises of 12 gas discoveries in shallow water (40-50 metres) located off the coast of Sarawak, Malaysia where the operator, EnQuest plc, has recently highlighted that the initial priority fiєlds (D30, Danau, D41, D41W, Darnah Wєst, Dana) could hold up to 500 bcf of gas (gross), significantly in єxcєss or Sєascapє's auditєd 2C contingєnt rєsourcє figurє or 337 bcr (gross). Or thє priority fiєlds, thє JV has dєcidєd to rocus initially on the development of the D41 and D41 West accumulations which are broadly characterised as having stacked, clastic reservoirs with gas columns up to 110 metres and good hydrocarbon mobilities. The operator is pursuing a simple, low-cost development similar to Temaris with a single unmanned well-head platform delivering production to nearby infrastructure and onto the Bintulu LNG facility. FDAP submission is anticipated during the summєr 2026 with first gas also anticipatєd during 2028 building to a gross plateau rate of ~19,000 boepd (net ~5,000 boepd). Block 2A, offshore Sarawak, Malaysia (10%) Block 2A is located in the North Luconia hydrocarbon province covering approximately 12,000 km 2 in water depths between 100-1,400 metres. Block 2A contains the world-class Kertang prospect, located across four Oligo-Miocene reservoirs, which is a wєll-dєfinєd, largє, rour-way dip structural high with over 220 km 2 of closure and exhibits direct hydrocarbon indicators (DHIs) including an overlying gas cloud feature and amplitude bright. In March 2025, Seascape completed the farmout of Block 2A to INPEX CORPORATION. In return for cash consideration of US$10 million with the reimbursement of certain historic costs of ~US$1.0 million, the Company assigned a 42.5% interest in Block 2A and retained a fully carried 10% interest through the remaining exploration phasє which includєs onє firm wildcat wєll and onє contingent appraisal well (subject to a commercial discovery). Since the year end, this transaction completed with the Company receiving cash consideration of US$10 million. In the event of commercial discovery (i.e. economically viable), the Company will receive further contingent cash consideration of US$10 million. In Q3 2025, Seascape formally entered the second exploration phase of Block 2A (10% WI). The operator, INPEX CORPORATION, has now commenced a tender process for a deepwater drilling rig to test the Kertang prospect. Rig selection is anticipated during the summer 2026, with drilling scheduled for mid-2027 (subject to final confirmation or thє drilling schєdulє). Seascape remains fully carried on an uncapped basis for the Block 2A exploration programme. This carry includes the initial Kertang well, now estimated to cost in excess of $100 million. Contingent and Prospective Resources In August 2025 and as updated in January 2026, the Company published details of its Contingent and Prospective Resources from a Competent Person's Report commissioned from Sproule ERCE covering the Temaris Cluster (100% operated) and the priority fiєlds in thє DEWA Complєx Clustєr (28%). The CPR is seen as an important independent third-party vєrification or Sєascapє's rєsourcєs figurєs. Thє rєport confirms (and in thє casє or Temaris, upgrades) management's technical view of resources at the time of license application. Importantly, the CPR highlights new prospective potential in the recently awarded Temaris block. The highlights of the CPR are as follows: Total net 2C Contingent Resources of 63 mmboe (97% gas) (2024: nil). Total unrisked net mean Prospective Resources of 325 mmboe (99% gas). Temaris PSC net 2C Contingent Resources of 276 bcf vs 250 bcf estimated at award. Additional Temaris PSC mean Prospective Resources of 950 bcf (158 mmboe) located in amplitude-supported prospects analogous to the existing discoveries. Temaris (100%) 276 - 46 DEWA priority fiєlds (28%) 94 2 18 Total 370 2 63 Net Mean Prospective Resources Field(s) Gas (bcf) Liquids (mmbbl) Total (mmboe) GCoS Range (%) Temaris (100%) 950 - 158 30% - 65% DEWA priority fiєlds (28%) 7 0 1 34% - 51% Block 2A (10%) 908 15 166 16% - 27% Total 1,865 15 325 Net 2C Contingent Resources Field(s) Gas (bcf) Liquids (mmbbl) Total (mmboe) Financial review 2025 £ 2024 £ INCOME STATEMENT Loss rrom continuing opєrations bєrorє tax (Hєad Orficє and Malaysia) (4,173,437) (5,685,081) Profit/(loss) rrom discontinuing opєrations (INPEX 2A/Norway) 9,615,416 (10,761,709) Total profit/(loss) ror yєar 5,442,384 (16,447,209) EBITDAX (continuing operations) (2,338,306) (2,304,142) INVESTMENT IN OIL & GAS ASSETS Additions to Malaysian assets 2,829,468 277,887 DIVESTMENT OF OIL & GAS ASSETS Divestment of Malaysian assets (at cost) 67,756 582,473 CASH Year-end cash and cash equivalents 6,226,407 2,988,607 Restricted cash 2,105,769 520,708 Classifiєd as hєld ror salє - 315,363 Net cash at year end 4,120,638 2,783,262 Change in net cash at year end 1,337,376 (50,595) EQUITY AND CAPITAL Closing share price (p) 68 31 Shares in issue 63,127,968 62,818,946 Market capitalisation 42,611,378 19,662,330 Equity raised during year net of costs 102,432 1,775,133 EBITDAX Thє Group dєfinєs EBITDAX as єarnings bєrorє interest, taxation, depreciation, depletion, amortisation, impairment costs, share-based payments, provisions, pre-licence expenditures and other non-recurring items from continuing operations. This alternative performance measure serves to provide more transparency to the reporting procєss as an altєrnatє mєasurє or profitability by stripping out non-cash expenditures as well as taxєs, financє costs and othєr non-corє rєcurring items such as the Group may incur from time-to-time and which the Group does not expect that it will reasonably incur again during the normal course or its businєss. EBITDAX attєmpts to rєĞєct thє ongoing or rєcurring profitability or thє businєss. EBITDAX £m £5,685,081 £4,173,437 £2,304,142 £2,338,306 £400,764 £1,434,367 £2,447,196 £933,743 6 5 4 3 2 1 0 £8,151,191 2025 2024 EBITDAX Non-recurring expenditures 2025 £ 2024 £ Loss before taxation (4,173,437) (5,685,081) Add: non-recurring costs 400,764 2,447,196 Add: fixєd ratє chargєs from Longboat JAPEX - 309,330 Add: depreciation charges 14,954 7,407 Add: Interest income 239,631 111,758 Add: share based payment costs 746,207 527,411 Add: Exchange (gain) / loss 433,575 (22,163) EBITDAX (2,338,306) (2,304,142) Other charges Total Income statement The Group loss before taxation (continuing operations) improved during the year by £1.5 million despite a small increase in the EBITDAX of £34k. This increase principally relates to the completion of the farmout and transfer of Operatorship of Block 2A to INPEX 2A, in March 2025. The transfer of operatorship resulted in a net reduction of costs recharged to the JV of £733k. The improved cash position during the greater part of 2025 and a disciplined treasury management policy saw investment incomes improve by £128k. The Group were also able to make a number of other more modest cost savings across administrative expenditures during the year. Thє profit rrom discontinuєd opєrations during the year related to the sale of the 42.5% working interest in the 2A PSC to INPEX via the disposal of 100% of the equity in Longboat Energy (2A) Limited (2024: disposal of Longboat Japex Norge AS). Non-recurring costs represent unrealised foreign currency movements alongside certain business development expenditures and IT costs associated with the deployment of a new accounting and enterprise reporting system (2024: costs associated with the sale of the Norwegian business and the pivot to Southeast Asia, farming down the Malaysian 2A PSC, securing tenure to the DEWA PSC and certain other new opportunity appraisal costs). Share-based payment charges increased marginally during the year following the recruitment of additional members of the operational and management team following the award of the Temaris licence and the appointment of Haida Hazri to the Board of Directors. Intangible exploration assets: 2A PSC (10% carried) The Company share of capitalised expenditures incurred during the year totalled £293k. Under the terms of the farmout and carry agreement therein, all expenditures subsequent to the completion date of 17 March 2025 are carried by INPEX. In October 2025, the JV approved the fully carried drilling programme over the Kertang prospect. Intangible exploration assets: Temaris PSC (100% operated) In June 2025, the Group was awarded the wholly owned and operated Temaris Cluster Licence, offshore Malaysia, in the Malaysia Bid Round 2025. Similar to the Company's DEWA Complex Cluster development assєt, thє Tєmaris Clustєr dєvєlopmєnt will rall undєr thє Small Fiєld Assєt tєrms which arє spєcifically designed to simplify and incentivise rapid development of smaller hydrocarbon accumulations in Malaysia. The key workstreams are to deliver a Field Development and Abandonment Plan within 18 months of the єrrєctivє datє along with cєrtain spєcialisєd subsurracє studiєs and 3D sєismic rєprocєssing. Thє financial commitment under the Award is approximately $2.0 million. During 2025 the Group arranged a Competent Persons Report in addition to progressing ongoing Front-End Engineering Design and FDAP workstreams ahead of the December 2026 deadline, the capitalised costs for which, including internal costs capitalised, totalled £2.0 million. Intangible exploration assets: DEWA PSC (28%) Thє opєrator, EnQuєst Pєtrolєum Production Malaysia Ltd, continuєs to work towards thє finalization and submission or thє DEWA PSC FDAP, thє submission dєadlinє ror which is Junє 2026. Thє first part or thє licєncє commitmєnt was rulfillєd in Octobєr 2025 upon thє submission or thє licєncє Rєsourcє Assєssmєnt. Amounts capitalised in 2025 totalled $470k. 2A PSC £ DEWA PSC £ Temaris PSC £ Total £ At 1 January 2025 285,358 - - 285,358 Additions during the year 292,762 470,183 2,066,523 2,829,468 Disposals during the year (67,756) - - (67,756) Foreign currency movement (104,658) (7,791) (35,264) (147,713) At 31 December 2025 405,706 462,392 2,031,259 2,899,357 2025 Cash Flows £m 14 (£4,897,581) £4,120,638 £3,303,970 (£2,105,769) (£1,085,063) 12 10 8 6 4 2 £8,905,081 0 Opening cash Divestment of O&G assets Discontinued Financing & investing Restricted cash Closing cash Increase Decrease Total Cash At 1 January 2025, the Group had cash reserves of £3.3 million, £521k of which was restricted and related to cash collateralised guarantees provided as security for future work programmes in Malaysia. Net cash at 1 January 2025 was therefore £2.8 million. During the year ended 31 December 2025, Group operating cash outĞows rrom continuєd opєrations totallєd £3.1 million (2024: £3.3 million). Nєt cash Ğows rrom discontinued operations included the proceeds received on the sale of Longboat Energy (2A) Limited of £8.7 million including back-costs (2024: Norway £1.9 million). Financing and invєsting cash outĞows includє thє invєstmєnt in oil and gas intangiblє єxploration assєts or £2.8 million (2024: £64k) and rєcєipts or fixєd tєrm trєasury dєposit intєrєst or £240k (2024: £112k). Movements in restricted cash balances represent the placement of additional guarantees with respect to the Temaris PSC, which was awarded in June 2025. Section 172(1) Statement The Board is aware of the importance of their role in understanding stakeholder interests and concerns, balancing these fairly between the stakeholders of the Company and responding to them as part of their Board rєsponsibilitiєs. Spєcific commєntary has bєєn madє bєlow against thє rєlєvant provisions or Sєction 172(1)(a) to (f) of the Companies Act: the likely consequences of any decision in the long term: sustainability is a real challenge for the oil and gas industry but the Company believes that gas in particular has a major role to play in the energy transition. At present the Company's gas assets are exploration, appraisal and pre-development focused where decisions tend to be short term. When the Company has material production it will map its path to reduce / offset emissions. the interests of the Company's employees: the Company is dependent on employees' performance and has a legal and ethical responsibility for their well-being. As our team of professionals is still small in number they tend to be involved in the processes that lead to any material commitments and decisions. the need to foster the Company's business relationships with suppliers, customers and others: aside from a small number of service providers, the success of the Company will be driven in part by the business relationships that exist between the Directors and the management of other oil and gas companies and as such the maintenance of such relationships is given a very high priority by the Directors. the impact of the Company's operations on the community and the environment: we have an ethical responsibility to minimise the impact on livelihoods and the environments in which we operate. The Company's assets, which are located solely Malaysia which is both closely and well regulated, are still at a pre-operational stage. the desirability of the Company maintaining a reputation for high standards of business conduct: the Company's standing and reputation with other oil and gas companies, shareholders, debt providers and Government are key and the company's ethics and behaviour, as summarised in the Company's Business Principle and Ethics, will continue to be central to the conduct of the Directors. The Company is advised by experienced blue-chip advisers which also assist in maintaining high standards of conduct. the need to act fairly as between members of the Company: The Directors will continue to act fairly between the members of the Company as required under the Companies Act, the AIM Rules and QCA corporate governance principles. Subsidiaries At the year end the Company had four active 100% owned subsidiaries Seascape Energy (2A) Limited, Seascape Energy (DEWA) Limited, Seascape Energy (SE Asia) Sdn. Bhd. and Seascape Energy Asia (One) Sdn. Bhd. Dividends It is the Board's policy that the Company should seek to generate capital growth for its shareholders but may recommend distributions at some future date when the investment portfolio matures, production revenues are established and when it becomes commercially prudent to do so. Outlook In the near-term, the focus is on taking the Company's existing assets through the development cycle and may also include securing additional oil and gas assets through licensing rounds and/or acquisitions. In the longer term the objective is to obtain further suitable oil and gas assets in Southeast Asia, that will deliver value and represent an appropriate basis to build on the Company's objective to become a full-cycle E&P company. On behalf of the board Nicholas Ingrassia Chiєr Exєcutivє Orficєr 20 May 2026 facing the business The principal risks facing the Company were set out in the Company's AIM Re-admission Document dated 10 June 2021, which have been updated in each of the Company's subsequent Annual Reports. The principal risk racing thє Company during 2026 is to sєcurє thє financing ror its gas dєvєlopmєnt assєts in Malaysia, allowing the Company to move into the project execution phase. Financing is anticipated to come through a combination of farm-downs, debt instruments and new equity capital. The risks set out below are a selection of the other principal near-term risks that face the Company and are in shortened form. Shareholders should refer to the Re-Admission Document of June 2021 for the full schedule of both short and long-term risks. Accordingly, these risks should not be regarded as a complete and comprehensive statement of all potential risks and uncertainties. Area Description Mitigation Exploration, appraisal, drilling, developing and operating risks Fiscal and other risks derived from government involvement in the oil and gas The Company has invested in oil and gas exploration and pre-development assets which are speculative and involve a significant dєgrєє or risk. Thєrє is no assurance that the associated programmes will lead to commercial discoveries or developments. In addition, drilling operations involve several risks, many of which are beyond the control of the Company, which may delay or adversely impact the projects which the Company may have acquired or which the Company may have invested. These include mechanical failures or delays, adverse weather conditions and governmental regulations or delays. These delays and potential impacts could result in a project's activities being damaged, delayed or abandoned and substantial losses could be incurred. Any government action such as a change in oil or gas pricing policy (including royalties), exploration and development policy, or taxation rules or practicє, or rєnєgotiation or nullification of existing concession contracts, could have a material effect on the Company. The Company will continue to expand its portfolio to seek a range of differing technical and commercial risks. The Company will maintain an appropriate programme of insurance to cover such operational exposure up to recognised industry limits but should an incident occur of a magnitude in excess of such limits, the Company would bє rully єxposєd to thє financial consequences. Over time, the Company will seek to expand its operations into multi jurisdictions to balance any associated risks. Area Description Mitigation Asset All of the Company's assets are currently Malaysia is an established democracy, Concentration located in Malaysia and so is exposed to with an independent judiciary with good /Political Risk any adverse political changes. standards of governance, particularly in the oil and gas sector. PETRONAS is the custodian of Malaysia's petroleum resources and was established under the Petroleum Development Act 1974. Malaysia Petroleum Management (MPM) acts for and on behalf of PETRONAS in the overall management of Malaysia's petroleum resources throughout the lifecycle of the upstream oil and gas assets. MPM undertakes all upstream activities through a bidding process for example the Malaysia Bidding Round 2025. Most major IOCs have been operating in Malaysia, under the governance of PETRONAS for E&P business since the 1970s. Other matters in relation to banking, currency, employment laws and tradє Ğows in Malaysia arє in compliancє with international standards for foreign investment in Malaysia. Availability of The number of banks willing to lend to Thє availability or dєbt financє in thє Dєbt financє the oil and gas industry has reduced in banking market for oil and gas companies recent years. Debt availability may have is gradually improving following the a detrimental impact on the Company's recognition of the longer-term need for ability to financє its projєcts. hydrocarbons in the energy mix. The Company continues to explore multiple routєs and providєrs ror dєbt financє. Access to The Company's business is capital The Company will endeavour to invest Capital intensive and its projects may be subject in and acquire assets which meet its to delays or cost overruns, or increased economic thresholds along with its scope and assets may move into the environmental and emissions criteria development stage. Moreover, any new with a view to building a sustainable acquisitions will require further equity business that will continue to attract capital and new debt facilities. In any of capital. these circumstances the Company will rєquirє additional financing rrom thє bank, credit or equity markets and the availability or such financing is subjєct not only to market conditions but also to a continued willingness of investors to financє oil and gas companiєs in a hostilє political and social environment driven increasingly by climate change concerns over energy security. facing the business continued Area Description Mitigation Volatility of commodity prices The Company may face significant competition for acquisition opportunities The supply, demand and prices for commodities are volatile and are inĞuєncєd by ractors bєyond thє Company's control. With increased pressure to reduce GHG emissions by replacing fossil fuel energy generation with zero emission energy generation it is possible that peak demand for oil and gas will be reached, and oil and gas prices will be adversely impacted as and whєn this happєns. A significant prolonged decline in commodity prices could impact the viability of some or all of the exploration, development and producing projects which the Company may propose to acquire. Conversely extremely high oil and gas prices heighten certain risks to the Company namely: the impact on the єconomy, political and thєrєby fiscal backlash, even greater competition for assets and the challenge of matching buyer and seller expectations. Thєrє is significant compєtition rrom entities which possess greater technical, financial, human and othєr rєsourcєs. The Company cannot assure investors that it will be successful against such competition. Such competition may cause the Company to be unsuccessful in executing an acquisition or may result in a successful acquisition being made at a significantly highєr pricє than would otherwise have been the case. Costs are incurred in screening and pursuing acquisitions and these are not recouped in the event of an unsuccessful process. Where and when appropriate the Company will put in place suitable hedging arrangements, in accordance with its hedging policy, to mitigate the risk of a fall in commodity prices but such arrangements will only cover the relatively short term, leaving the Company exposed to any longer-term decline in commodity prices. In addition some of the hedging arrangements entered into by the Company also carry inherent delivery risks. It is not possible to mitigate competition for quality assets, however, the Company seeks to reduce competitive risk by targeting assets whєrє it has spєcific knowlєdgє or would likely be a preferred partner. Area Description Mitigation Reliance on key The success of the Company, including In order to mitigate this risk, the personnel its ability to identify and complete potential acquisitions, will be dependent on the services of key management and operating personnel, including both its existing Directors and individuals who havє yєt to bє idєntifiєd. Ir thє Company fails to recruit or retain the necessary personnel, or if the Company loses the services of any of its key executives, its business could be materially and adversely affected. Company has to offer competitive remuneration and retention packages to incentivise loyalty and good performance from its staff. There can be no mitigation against loss of key personnel resulting from any major accident or other loss of physical wellbeing. Dilution of The Company may issue a substantial Directors and Management collectively shareholders' number of additional ordinary shares to own ~7% of the Company's ordinary interest as financє its dєvєlopmєnt portrolio and/ shares, closely aligning the team with the a result of or undertake acquisitions. An issue of wider shareholder group. The Company additional ordinary sharєs may significantly dilutє will seek to issue ordinary shares єquity financing the ordinary shares held by existing shareholders only in situations where the Directors believe that value will be created for shareholders in the medium-to-long term which would outweigh any near-term to shareholder dilution. Where possible, appropriate and cost effective, the Directors will make arrangements for all shareholders to participate in any share placing via an retail offering. Foreign The Company raises equity capital in Whilst the Company may hedge against Exchange Rate pounds sterling and reports in the same. any spєcific currєncy єxposurє or scalє, Volatility Howєvєr, a significant proportion or thє Company's expenditure is in Malaysian Ringgit and United States dollars and changes in currency values could have a material adverse effect on both the Company's operational results and financial position. to date it has simply converted its cash to meet its budgeted currency exposure as and when the exchange rates are favourable and so is exposed to any material exchange rate movements Thє Dirєctors prєsєnt thєir annual rєport with thє financial statєmєnts or the Company for the period from 1 January to 31 December 2025. Incorporation, change of name and listing The Company was incorporated on 28 May 2019, admitted to trading on the AIM market of the London Stock Exchange on 28 November 2019 and re-admitted to trading on the AIM market on 2 September 2021. On 17 September 2024 the Company changed its name from Longboat Energy plc to Seascape Energy Asia plc. Directors Thє Dirєctors who hold orficє at thє datє or this report are as follows: James Graeme Menzies Executive Chairman (Age 63) Appointed 27 June 2024 James has over 30 years of oil & gas industry experience in a broad range of roles, from technical practitioner to senior executive. James has served as Chiєr Exєcutivє Orficєr or Coro Enєrgy plc (2018-2021) and Executive Chairman at TAP Oil (2016-2018). James was a Senior Partner at Lambert Energy Advisory from 2001-2005, prior to founding Salamander Energy plc, a SE Asian-focused E&P business where he served as Chief Executive Orficєr rrom 2005-2015. Jamєs spєnt much or his career at LASMO plc, as a Geophysicist in the UK North Sea, Vietnam and Indonesia, as well as general management roles in Corporate Strategy, Investor Relations and Mergers & Acquisitions. He graduated with an MSc in Geophysics and Planetary Physics from University of Newcastle Upon Tyne in 1988 and has a BSc (Hons) in Geology from London University. Nicholas Andrew Ingrassia Chiєf Exєcutivє Officєr (Agє 46) Appointed 1 June 2021 Nick has over 25 years' experience across a wide range of corporate roles in-and-around the oil & gas industry. Nick started his career in banking with roles at Morgan Stanley (energy investment banking) and RBS (structured energy lending & debt advisory) before joining the industry working in business development roles with Valiant Petroleum plc (sold to Ithaca Energy Inc. in 2013), Salamander Energy plc (sold to Ophir Energy plc in 2015) and Faroe Petroleum plc (sold to DNO ASA in 2019). Most recently, he acted as UK Country Manager for DNO ASA. Nick has MA Hons degree from St Andrews University in Ancient History. Pierre Ernest Patrick Eliet Executive Director (Age 57) Appointed 13 February 2025 Pierre joined the Company in September 2023 as part of the Topaz acquisition and has been instrumental to the success of building Seascape's operations in Malaysia. Based in Kuala Lumpur, Pierre has over 30 years' experience and worked with Lundin Energy and Roc Oil where he held senior technical and business development roles with oversight of subsurface and growth across both company's Asian portfolios. Pierre also previously worked at TotalEnergies and Cairn Energy where he was closely associated with the discovєry or thє Cairn Rajasthan fiєlds in India, and spєcifically thє Ğagship Mangala fiєld. Piєrrє holds a BA in Earth Science from Trinity College in Dublin, a PhD in Geology from Manchester Univєrsity and cєrtifiєd IDP-C, INSEAD's (International Director's Programme). Graham Duncan Stewart Independent Non-Executive Director (Age 65) Appointed 3 September 2019 Graham holds an honours degree in Offshore Engineering from Heriot-Watt University and an MBA from Edinburgh University and has over 35 years' experience in oil and gas technical commercial affairs. He founded Faroe Petroleum plc in 1998, where he was Non-Executive Chairman until December 2002 when he became Chief Executive Orficєr until January 2019 and bєrorє that hє was with Dana Petroleum plc, the Petroleum Science and Technology Institute and Schlumberger. Graham is also Chair of the Greenland gold mining company Amaroq Minerals plc. Graham is Chairman of the Nomination Committee of the Company. Geraldine Mary Murphy Independent Non-Executive Director (Age 60) Appointed 27 June 2024 Geraldine has over 35 years of energy investment banking and M&A advisory experience. Geraldine currently serves as a Senior Adviser at TPH, the energy business of Perella Weinberg Partners, where she was a partner in the Investment Banking division. Geraldine joined the Board of Ithaca Energy in October 2025 and was previously a non-executive director on the board of privately held Impact Oil & Gas. Geraldine started her career as a geologist before moving into energy M&A advisory with CIBC World Markets, Harrison Lovegrove and Standard Chartered Bank where she was Global Head of Oil & Gas and also served as Head of Corporate Finance Europe. Geraldine holds a BSc. (Hons) degree in Geology and a MSc. in Petroleum Geology from University College Dublin. Haida Shenny Binti Hazri Independent Non-executive Director (Age 51) Appointed 13 February 2025 Haida has considerable experience of the upstream industry with over 25 years' experience in E&P, LNG and technology within PETRONAS, Sapura Energy and various other energy entities. Haida worked across a wide range of legal and commercial roles at PETRONAS prior to being appointed CEO of PETRONAS Technology Ventures Sdn Bhd. She later moved into the role of VP, Strategy and New Ventures in Sapura Energy focusing on upstream M&A and business growth where she ovєrsaw thє $0.9 billion acquisition or Nєwfiєld Malaysia the successor of which, SapuraOMV, was recently purchased by TotalEnergies in a $1.4 billion transaction. Haida holds a double degree in Accounting and Finance (BComm) and Law (LLB) from Melbourne University, Australia as well as Masters in Law (LLM) from Universiti Malaya, Malaysia and holds thє Cєrtificatє or Corporatє Governance (IDP-C) from INSEAD, France. Haida is a recipient of the Oakleaf Award from Trinity College, Melbourne. Michael James Buck Independent Non-executive Director (Age 68) Appointed 13 January 2026 Mike is a geologist/geophysicist by training and joined the oil industry in 1979. He spent 20 years with LASMO PLC working first as a prospєct gєnєrator focused on the UK continental shelf. He then moved to international assignments in Indonesia, Colombia, Vietnam and Libya and was involved in the discovery of several commercial oil and gas fiєlds. Following Eni's takєovєr or LASMO, Mikє became Managing Director of Eni Pakistan and then Managing Director of Eni Iran, working on major oil and gas developments in both countries. In 2006, Mike joined S E Asian focused Salamander Energy PLC as Chiєr Opєrating Orficєr. Artєr thє takєovєr of Salamander by Ophir Energy he was retained to help with the integration process following which he consulted for a number of companies in the SE Asian region before joining Petro Matad in 2017 as Chiєr Exєcutivє Orficєr. Mikє has workєd on all aspects of the E&P value chain. He holds a BSc in Geophysics from Liverpool University and an MSc (with Distinction) in Petroleum Geology from Imperial College, London. Status and activities In the near-term, the focus is on taking the Company'sexisting assetsthrough the development cycle and may also include securing additional oil and gas assets through licensing rounds and/ or acquisitions. In the longer term the objective is to obtain further suitable oil and gas assets in Southeast Asia, that will deliver value and represent an appropriate basis to build on the Company's objective to become a full-cycle E&P company. Results and dividends For the period to 31 December 2025, the Group's profit artєr taxation was £5.4 million (2024: loss after taxation of £16.1 million). It is the Board's policy that the Company should seek to generate capital growth for its shareholders but may recommend distributions at some future date when production revenues are established and when it becomes commercially prudent to do so. continued Future developments The Directors continue to seek value-accretive opportunities to grow the Company's portfolio both in Malaysia and across the Southeast Asian region. Any new opportunities must align with the Company's strategic objectives and offer value equal-to or in excess-of its existing development asset portfolio. Share capital Dєtails or sharєs issuєd by thє Company arє sєt out in Notє 24 to thє financial statєmєnts. Confiicts or intєrєst Under the articles of association of the Company and in accordance with the provisions of the Companies Act 2006, a Director must avoid a situation where he/she has, or can have, a direct or indirect interest that conĞicts, or possibly may conĞict with thє Company's intєrєsts. Howєvєr, thє Dirєctors may authorisє conĞicts and potєntial conĞicts, as thєy dєєm appropriatє. As a sarєguard, only Dirєctors who havє no interest in the matter being considered will be able to take the relevant decision, and the Directors will be able to impose limits or conditions when giving authorisation if they think this is appropriate. During the financial pєriod rrom 1 January to 31 Dєcєmbєr 2025, thє dirєctors havє authorisєd no such conĞicts or potєntial conĞicts. Directors' interests in shares Directors' interests in the shares of the Company, including family interests, as at the date of these accounts are as follows: Ordinary shares Ordinary shares 2026 1 2025 1 James Menzies 2,502,896 2,360,039 Nicholas Ingrassia 375,511 304,080 Pierre Eliet 453,026 431,598 Graham Stewart 350,000 350,000 Geraldine Murphy 357,142 285,714 Haida Hazri 71,428 - Michael Buck 271,427 199,999 1 As at the date of publication of the Report and Accounts for each respective year. Directors' remuneration Details for remuneration for each Director are provided in the Remuneration Report on pages 30 to 37. Substantial shareholdings as at 30 April 2026 Shareholder Number of Ordinary Shares Shareholding (%) River Global Investors 6,563,896 9.3% Janus Henderson 3,000,000 4.3% Corporate Governance The Directors recognise the importance of sound corporate governance and their associated report is set out on pages 21 to 37. As a company quoted on AIM, the Company has adopted the Quoted Companies Alliance (QCA) Corporate Governance Code, as amended from time to time. Engagement with Employees Statement Aside from the Executive, the Company has a small number of professional employees and with thє єxcєption or thє Dirєctors and orficєrs, has only one based in the UK and ten in Malaysia making engagement straightforward. That said, the Company is committed to providing a workplace free of discrimination where all employees are afforded equal opportunities and are rewarded on merit and ability. Engagement with Stakeholders Statement This element of reporting is discussed in the s172 Statement in the previous section. Financial risk profilє Thє Group's financial instrumєnts arє comprisєd mainly of cash and various items such as payables and receivables that arise directly from the Group's operations. A summary of the principal short-term risks and uncertainties facing the Group are set out in the previous section. Political and charitable donations The Group did not make any political donations or incur any political expenditure during the period (2024: nil). Statement as to disclosure of information to auditor So far as the Directors are aware, there is no relevant audit inrormation (as dєfinєd by Sєction 418 or thє Companies Act 2006) of which the Company's auditors are unaware, and each Director has taken all the steps that he or she ought to have taken as a Director in order to make himself or herself aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Directors' indemnities As permitted by the Articles of Association, єach or thє Dirєctors havє thє bєnєfit or an indemnity which is a qualifying third-party indєmnity provision as dєfinєd by Sєction 234 of the Companies Act 2006. The indemnity is currently in force. The Company also purchased and maintainєd throughout thє financial pєriod Dirєctors' and Orficєrs' liability insurancє in respect of itself and its Directors. This confirmation is givєn and should bє interpreted in accordance with the provisions of s418 of the Companies Act 2006. On behalf of the board Nicholas Ingrassia Chiєr Exєcutivє Orficєr 20 May 2026 Directors' responsibilities statement The directors are responsible for preparing the Annual Rєport and thє financial statєmєnts in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statєmєnts ror єach financial yєar. Undєr the AIM Rules for Companies of the London Stock Exchangє thєy arє rєquirєd to prєparє thє financial statements in accordance with International Accounting Standards (IAS/IFRS) ror UK/EEA firms. Under company law the directors must not approve thє financial statєmєnts unlєss thєy arє satisfiєd that they give a true and fair view of the state of affairs of the Company and its subsidiaries and or thє profit or loss or thє samє ror that pєriod. Thє dirєctors arє also rєquirєd to prєparє financial statements in accordance with the rules of the London Stock Exchange for companies trading securities on AIM. In prєparing thєsє financial statєmєnts, thє directors are required to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable, relevant and reliable; state whether they have been prepared in accordance with UK adopted international accounting standards (Group) or FRS 101 (Company); and prєparє thє financial statєmєnts on thє going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting rєcords that arє surficiєnt to show and explain the Company's transactions and disclose with rєasonablє accuracy at any timє thє financial position of the company and enable them to єnsurє that thє financial statєmєnts comply with the requirements of the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Website publication The directors are responsible for ensuring the annual rєport and thє financial statєmєnts arє madє available on a website. Financial statements are published on the Company's website in accordance with legislation in the United Kingdom governing thє prєparation and dissєmination or financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Company's website is the responsibility of the directors. The directors' responsibility also єxtєnds to thє ongoing intєgrity or thє financial statements contained therein. Corporate governance statement The Company is committed to high standards of health, safety and environmental performance. The health and safety of people, the protection of the environment and compliance with all applicable legal and internal requirements as well as industry best practice, is integral with the overall success of the Company. Business Principles and Ethics The Company is also committed to maintaining high standards of corporate governance to ensure that it is managed with openness, honesty and transparency. The Company's Business Principles and Ethics Policy, which can be found on our website, is key to the way we work both internally and externally. Seascape strives to meet the highest standards of integrity and ethics as it undertakes its activities. To ensure these values are core to the business, they are integrated within the Company's management systems through policies, procedures and project plans. All policies are reviewed and signed off by the CEO which further reinforces our ethos of conducting our business with integrity, which is a core principle as we meet the requirements of our strategy. Environmental stewardship The Company supports the goals of the Paris Agreement and the net zero emissions by 2050 targets set by the UK Government and the European Commission. Seascape recognises the combined challenge or mєєting incrєasing єnєrgy dєmand drivєn by a growing global and morє arĞuєnt population and thє urgent need to reduce global carbon emissions. As such, the Company aims to take an active role in driving down carbon emissions from our activities as it develops, acquires further assets and supports the energy transition through playing an active role at a company and industry level to promote best practice in environmental stewardship. The Company remains committed to reporting consistently and meeting investor needs for transparent environmental disclosure and as part of its continual improvement process, the Company has chosen to report with the requirements of the Sustainable Accounting Standards Board (SASB). As Seascape develops its portfolio it will continue to ensure it has high standards of environmental transparency and reporting relevant to the asset base and will produce a separate sustainability report as its portfolio grows. Accordingly, the Company is committed to: supporting the energy transition through playing an active role to promote best practice in environmental stewardship; pursuing a strategy of delivering low Scope 1 and Scope 2 emissions per barrel, to minimise carbon intensity or opєrations (including no routinє Ğaring) and transparєnt annual disclosurє or GHG єmissions; using an internal carbon price for investment decisions; and bєing nєt zєro by 2050 with an єarliєr targєt datє to bє sєt dєpєndєnt on thє profilє or thє assєts acquirєd and the costs of CO 2 abatement and offset solutions. Greenhouse gas (GHG) emissions and releases It is the Company's intention to drill and develop its existing portfolio in Malaysia and acquire further oil and gas production and development assets. When the Company commences operational activity in SE Asia it will manage the risks of its operations in order to improve its environmental performance on a continual basis and report on the same. People and Equal opportunities and discrimination The Company is an equal opportunities employer and will recruit, employ and develop employees in line with bєst practicє and basєd on thє qualifications, єxpєriєncє and skills rєquirєd ror thє work. Wє considєr applications for employment from people regardless of gender, race, age, disability, marital status, sexual orientation or religious belief. We have respect for human dignity and the rights of the individual. We support the principles of, and promote respect for, the Universal Declaration of Human Rights. Societal contribution The Company intends to identify impactful community programmes to be funded as part of the longer-term corporate social investment strategy. There is extensive reporting of our statements and policies on issues available on the HSE and Governance section of our website including statements on: Anti-bribery and corruption; Anti-facilitation of tax evasion; Diversity; Human Rights; Modern Slavery Statement and Whistleblowing. Chairman's Governance Statement The Chairman of the Company, will continue to provide leadership, ensuring that the Board is performing its role effectively and has the capacity, ability, structure, corporate governance systems and support to enable it to continue to do so. This Governance section of the Annual Report provides an update on our Corporate Governance policy, and includes the Audit Committee Report, the Nomination Committee Report, and the Remuneration Report. In these reports we set out our governance structures and explain how we have applied the Quoted Companies Alliance (QCA) Corporate Governance Code. The Directors recognise the importance of sound corporate governance commensurate with the size of the Company and the interests of all shareholders. As a company quoted on AIM, the Company has adopted the QCA Code, as amended from time to time and established its governance structures accordingly during the yєar. Thє QCA Codє idєntifiєs tєn corporatє govєrnancє principlєs that AIM companiєs should rollow and with which the Company complies as set out below. The disclosures required to be included in the Company's website in respect of the updated QCA Corporate Governance Code can be found at www.seascape-energy.com. Principle 1 Establish a purpose, strategy and business model which promotes long-term value for shareholders Seascape's strategy is to build a full-cycle E&P company with a portfolio of assets in Southeast Asia through a combination of development, participation in licensing rounds and acquisition. The two principal challenges, common to all smallєr E&P companiєs, arє; accєss to opportunitiєs that fit thє Company's businєss modєl in a competitive market, and access to debt and equity funding in a capital intensive industry. The Company's Strategic Report can be found in a previous section. Principle 2 Promote a corporate culture that is based on ethical values and behaviours The CEO, together with the Board, believe that working with integrity and transparency are the core principles which underpin the Company's behaviour in pursuing its strategic objectives and will be key in delivering succєss. In an industry that is basєd on joint vєnturєs and whєrє thє licєnsє authoritiєs havє significant powєr and inĞuєncє, a rєputation ror єthical bєhavior is єssєntial ir thє Company is to succєєd. Ensuring a strong corporate culture runs through the business remains straightforward while the Company's number of employees remains small and this emphasis is expected to continue as the business grows. Over the period, no actions against employees or contractors were taken which deviated from expectations. The Company seeks to attract and retain the best talent possible through creating an exciting and dynamic workplace. Principle 3 Seek to understand and meet shareholders' needs and expectations The Company seeks to maintain a continuing dialogue with its shareholders in order to communicate the Company's strategy and results and to understand the needs and expectations of its shareholders. In addition to shareholder General Meetings, the Company arranges online presentations to follow the release or thє Company's financial rєsults and thє announcєmєnt or any significant transaction. Sharєholdєrs are encouraged to provide questions before and during the presentation, after which the CEO and other presenters endeavour to answer. The Company has also begun to engage shareholders via various social media platforms such as X, YouTube and LinkedIn. The Company summarises its Environmental, Social and Governance (ESG) policies and objectives at the beginning of this Corporate Governance Statement and also publishes an annual SASB report which is attached as an appendix to the Report and Accounts. Principle 4 Take into account wider stakeholder and social responsibilities and their implications for long-term success The Company is aware of its corporate responsibilities to its stakeholders, including personnel, joint venture partners, regulatory and licensing authorities, the environment and wider society. At its present stage of development and size, the Company has no material social and environmental issues, though this is expected to change as the Company moves into a development and production phase. The environmental impact of the Company's activities will be carefully considered at that point, and the maintenance of high environmental standards will be a key priority essential for the long-term success of the business supported by relevant KPIs to track performance. In any event, the Company intends to grow in a manner that is sustainable both financially and єnvironmєntally. Principle 5 Embed effective risk management, internal controls and assurance activities, considering both opportunities and threats, throughout the organisation The Board is responsible for establishing and maintaining the system of internal controls and risk management systems and reviewing their effectiveness on an ongoing basis. The Directors will continue to assess the principal risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity. The internal controls are designed to manage rather than eliminate risk and provide reasonable but not absolute assurance against material misstatement or loss. The Company has appetite for economic risks as rєgards thє pєrrormancє or its assєts as wєll as gєological risk, both in єxploration drilling and fiєld dєvєlopmєnt, up to cєrtain financial thrєsholds. Nєєdlєss to say, thє Company doєs not havє appєtitє ror risks regarding solvency, health and safety, environmental and reputational matters. The Company maintains appropriate insurance cover in respect of actions taken against the Directors, as well as claims against the Company. Operational insurance will be arranged as appropriate and reviewed on a periodic basis. The Company faces the same generic climate risks that threaten society and the environment but no risks which arє spєcific to thє Company that rєquirє associatєd risk managєmєnt. The Audit Committee reviews auditor independence when it meets (a minimum of three times a year) and has not idєntifiєd any indicators ovєr thє pєriod, as sєt down in thє QCA Audit Committєє Guidє, that could impede auditor independence. Principle 6 Establish and maintain the Board as a well-functioning, balanced team led by the chair The Company's Board is balanced and functions well with James Menzies (Executive Chairman),Graham Stewart (Independent Non-Executive Director) and Mike Buck (Independent Non-Executive Director) being long standing existing or former CEO's of London-quoted E&P Companies (Salamander Energy, Faroe Petroleum and Petro Matad respectively) and who bring a range of commercial, corporate and technical experience to the board's agenda. Nick Ingrassia's (CEO) has a wide range of experience working with numerous London-quotєd E&P companiєs in rolєs which includєd opєrations, commєrcial, financial, invєstor rєlations and business development giving background to provide broad-based leadership and an ability to identify and executing potential transactions. Piere Eliet is based in Kuala Lumpur and has been instrumental to the success of building Seascape's operations in Malaysia. Geraldine Murphy's (Independent Non-executive Director) is originally a geologist by training with deep experience of the M&A market and the understanding of what makes a successful E&P business, providing great judgement on strategic decision making. Finally, Haida Hazri (Independent Non-executive Director) provides direct knowledge and experience of the Malaysian upstream industry with over 25 years' experience in that space. All Directors will submit themselves for annual election. Thє Board considєrs itsєlr surficiєntly indєpєndєnt. Thє QCA Codє suggєsts that a board should havє at least two independent Non-Executive Directors. The Board has considered each of the four Non-Executive Director's length of service and interests in the share capital of the Company and consider that Graham Stewart, Geraldine Murphy, Haida Hazri and Mike Buck are independent. The Company's Audit, Remuneration and Nomination Committees are made up exclusively of Non-executive Directors who on average are expected to provide two days a month to complete their respective duties and are required to obtain consent from the Board of Directors before taking up any external role that might conĞict. The following is a table of Board and Committee meetings held over the period to 31 December 2025: Board Meetings 1 Audit Committee Nomination Committee Remuneration Committee Executive Directors James Menzies 4 - - - Nicholas Ingrassia 4 - - - Pierre Eliet 4 - - - Non-Executive Directors Graham Stewart 4 5 2 4 Geraldine Murphy 4 5 2 4 Haida Hazri 2 4 2 - - 1 Excludєs mєєtings callєd ror spєcific approvals or mattєrs that havє thє prior gєnєral approval or thє rull Board and arє attєndєd by a Committee of Directors. 2 Appointed to the Audit committee on 18 June 2025. The Company has a long-term incentive plan for the non-executive Directors with awards to be set at a level that will not jeopardise independence with normal awards to be up to 100% of the annual fee paid or up to 200% in exceptional circumstances. AIM now considers that non-executive directors holding equity and being awarded share options aligns directors to the interests of investors. All Dirєctors havє disclosєd any significant commitmєnts outsidє thєir rєspєctivє dutiєs as Dirєctors and confirmєd that thєy havє surficiєnt timє to dischargє thєir dutiєs, including Graham Stєwart, who is chairman of another quoted company. Thє Company єncouragєs its Dirєctors not to hold morє than fivє 'mandatєs' at quotєd companiєs 1 where, for the purposes of calculating this limit, a non-executive Directorship counts as one mandate, a non-executive Chair counts as two mandates, and a position as executive Director is counted as three mandates. At the publication of this report, the Directors of the Company held the following number of mandates none of which, on a weighted basis, exceed the calculation: Non-Executive Non-Executive Chair Executive Director Score Executive Directors James Menzies - - 1 3 Nicholas Ingrassia - - 1 3 Pierre Eliet - - 1 3 Non-Executive Directors Graham Stewart 1 1 - 3 Geraldine Murphy 1 - - 1 Haida Hazri 2 1 - 5 Michael Buck 1 - 1 4 1 Discretion to be applied for companies not on the full list or deemed to be less complex and thereby demanding on a director's time noting that for the purposes of above, no distinction has been made. Principle 7 Maintain appropriate governance structures and ensure that individually and collectively the Directors have the necessary up-to-date experience, skills and capabilities The Directors receive updates from the Company Secretary in relation to corporate governance matters and annual AIM Rulєs briєfings rrom thє Company's NOMAD, and єach Dirєctor takєs rєsponsibility ror maintaining his or her own skill set, which includes roles and experience with other boards and organisations as well as formal training and seminars. The Boardissupportedbyfour Boardcommittees, Audit, Remuneration, Nomination and Disclosure Committees with dєlєgatєd authority to rєviєw cєrtain spєcific mattєrs in dєtail and thєn to makє rєcommєndations to thє Board. Thє final dєcisions arє madє by thє Board. Formal tєrms or rєrєrєncє havє bєєn agrєєd ror єach of the Board committees, which are available on the Company's website. Other than in relations to transactions in the normal course of business, during the period neither the board nor any committєє has sought єxtєrnal advicє on a significant mattєr, Thє Company's NOMAD (Stirєl Nicolaus) advises the board on AIM compliance, the Company's lawyers (K&L Gates) on MAR and any other legal issues that arise and the Company' s Remuneration advisers (PWC) on remuneration. Principle 8 Evaluate Board performance based on clear and relevant objectives, seeking continuous improvement The Board continuously evaluates the balance of skills, experience, knowledge, and independence of the Directors. The Board assesses and scrutinises its performance through an annual effectiveness review. Each year the Nomination Committee carries out an evaluation process of the Board and its Committees, the last being undertaken in December 2025, details of which are included in the Nomination Committee Report. Givєn thє sizє or thє Company and its board, thє Company doєs not sєє any bєnєfit ror an єxtєrnally facilitated board review. Also, given the small number of employees, succession planning is not practicable. Principle 9 Establish a remuneration policy which is supportive of long-term value creation and the company's purpose, strategy and culture The Company's remuneration structure and practice summarised in the Remuneration Committee Report, is designed to support the delivery and attainment of the Company's purpose, business model, strategy, and culture through rewarding short term annual success through the payment of cash bonuses against set KPI's and the longer term strategy through the award of share incentives and the growth in individual director shareholdings. There are checks and balances both in the annual bonus scheme and share incentives with discretion held by the Remuneration Committee to limit or cancel bonuses or claw back incentive awards in the event of any wrongdoing. Principle 10 Communicate how the Company is governed and is performing by maintaining a dialogue with shareholders and other relevant stakeholders Bєyond thє Annual Gєnєral Mєєting, thє CEO and Exєcutivє Chairman arє availablє to all significant shareholders after the release of the Company's results. The CEO and Executive Chairman are the primary points of contact for the shareholders and are available to answer queries from shareholders throughout the year, subject to the AIM disclosure rules. The website of the Company will be regularly updated to include all relevant reports and information required under AIM Rule 26. The Company also provides periodic investor and stakeholder updates on the Investor Meet Company platform that allows all shareholders and stakeholders to participate. The results of voting on all resolutions at general meetings are posted to the Company's website on a timely basis, including any actions to be taken as a result of resolutions, which received a high percentage of votes against. At the 2025 Annual General Meeting, all 14 of the resolutions were passed, with an average of 97.8% votes cast in favour, with the lowest percentage of votes cast in favour of a resolution at 84.5%. The principle challenge faced by the Company over the period was managing the transition of the Company to an operator of a pre-development asset requiring both new personnel, contractors and systems. Share dealing Thє Company has a sharє dєaling policy rєgulating trading and confidєntiality or insidє inrormation ror thє Directors and other persons discharging managerial responsibilities (and their persons closely associated) which contains provisions appropriate for a company whose shares are admitted to trading on AIM (particularly relating to dealing during closed periods which will be in line with the EU Market Abuse Regulation (No. 596/2014). The Company takes reasonable steps to ensure compliance by the Directors and any relevant employees with the terms of that share dealing policy. The Directors believe that the share dealing policy adopted by the Board is appropriate for a company quoted on AIM. The Board complies with Rule 21 of the AIM Rules for Companies relating to directors' dealings and takes reasonable steps to ensure compliance by thє Company's "applicablє єmployєєs" (as dєfinєd in thє AIM Rulєs ror Companiєs). Relations with shareholders The Directors are available for communication with major shareholders and all shareholders are encouraged to attend and vote at the forthcoming Annual General Meetings of the Company during which the Board will be available to discuss issues affecting the Company. Statement of going concern Thє Dirєctors havє complєtєd thє going concєrn assєssmєnt, taking into account cash Ğow rorєcasts up to December 2027, sensitivities to those forecasts and stress tests to assess whether the Company and its subsidiaries (together the Group) are a going concern. Having undertaken careful enquiry, the Directors are of the view that the Group will not need to access additional funds during the period to meet its current work programme and budget. In order to make a Final Investment Decision on its development assets, or make a substantial acquisition, the Group will require further funding. However, the timing and associated quantum will generally be at the discrєtion or thє Group. Any rєquirєd financing will bє sourcєd through a combination or rarm-downs, dєbt instruments and new equity capital. Internal control The Board is responsible for establishing and maintaining the Company's system of internal controls and reviewing its effectiveness. Internal control systems are designed to meet the particular needs of the Company and the particular risks to which it is exposed. The procedures are designed to manage rather than eliminate risk and by their nature can only provide reasonable but not absolute assurance against material misstatement or loss. The Board has reviewed the Company's risk management and control systems and believes that the controls are satisfactory given the nature and size of the Company. Report of the Audit Committee The Audit Committee currently has three members being Geraldine Murphy (Audit Committee Chair and independent non-executive director), Graham Stewart (independent non-executive director) and Haida Hazri (independent non-executive director), the latter having been appointed in June 2025. Activity during the year Thє Audit Committєє mєt fivє timєs during thє yєar and with spєcific rєgard to thє Intєrim and Annual Rєport and Accounts, financial disclosurєs and accounting mattєrs notably whєthєr thє Company was a going concєrn. At thє yєar-єnd, thє Audit Committєє paid spєcific rєgard to thє rollowing mattєrs whєrє significant judgement was required: the fair value of contingent consideration payable (re Topaz Number One Limited acquisition), the carrying value of the E&E assets along with the associated value of the investments made in the Company's subsidiaries and the going concern statement. External audit The external auditor has unrestricted access to the Chair of the Audit Committee. Audit Committee meetings are also attended by the external auditor where appropriate and, by invitation, the Executive Chairman, CEO and senior management. The external audit function plays an important part in the Audit Committee's assessment of the effectiveness or financial rєporting and associatєd intєrnal controls and, in turn, thє єrrєctivєnєss and quality or audit is or key importance. The Audit Committee reviews the Auditors' independence and monitors and approves the nature and level of non-audit fees payable to them on an annual basis. The Audit Committee believes that certain work of a non-audit nature is best undertaken by the external auditors, and that it is not appropriate to limit the level of such work by reference to a set percentage of the audit fee, as this does not take into account important judgements that need to be made concerning the nature of work undertaken to help safeguard the auditors' independence. Aside from a review of the interim accounts of the Company to 30 June 2025, PKF Littlejohn LLP did not undertake any non-audit work over the period. Details of fees payable to the auditors are set out in note 7. Roles and Responsibilities The Committee's roles and responsibilities include: reviewing the consistency of accounting policies; reviewing thє accounting or unusual or significant transactions; єnsuring rair, complєtє and accuratє disclosurє; monitoring thє intєgrity or thє Group's financial statєmєnts; making rєcommєndations to thє Board on thє appointmєnt or the Auditors; agreeing the scope of the auditors' annual audit programme and reviewing the output; keeping the relationship with the auditors under review; assessing the effectiveness of the audit process; and developing and implementing policy on the engagement of the auditors to supply non-audit services. At present, given the relative simplicity of the Company's operations and structure, the Board of Directors as advised by the Audit Committee has retained responsibility for the review of the effectiveness of the Group's internal control and risk management policies and systems. In due course as the Group expands the Audit Committee will assume direct responsibility for the review of the Group's internal control and risk managєmєnt policiєs. In thє mєantimє, thє Audit Committєє has advisєd thє Board that it is satisfiєd that the Group does not currently require an internal audit function, however, it will continue to review the situation periodically and, where it deems necessary, commission limited internal audit of controls and processes. Finally, employees are encouraged to report (whistle blow) any incident or suspicion of malpractice or misconduct or if they have any concerns surrounding ethical issues, by speaking directly to their line manager or failing that an Independent Non-executive Director via a dedicated Mailbox. During the period no such reports were made. Report of the Nomination Committee Committee Composition and Meetings The Committee is made up of Graham Stewart (independent non-executive Chairman) together with Geraldine Murphy (independent non-executive Director). During the year the Committee met twice formally to plan and undertake the annual evaluation of the Board and its committees and to consider further appointments to the Board. Roles and Responsibilities of the Committee The Nomination Committee's primary responsibility is reviewing the structure, size and composition of the Board and identifying and nominating suitable candidates. In particular, the Nomination Committee: reviews the structure, size and composition of the Board; carries out succession planning for the Board and senior management; maintains rєsponsibility ror filling board vacanciєs whєn thєy arisє and, bєrorє any appointmєnt is madє, evaluating the balance of skills, knowledge, experience and diversity on the Board; maintains responsibility for using open advertising or appointing any external advisors to facilitate the search for suitable candidates; and maintains responsibility for board performance evaluation. Board Composition The Committee is aware of the importance of Board diversity issues especially with regard to pertinent skills for our sector and indeed gender balance. At the year-end one third of the Board were female and this is deemed to be an important element of an effective Board. Succession Planning On 13 January 2026, it was announced that Mike Buck would join the board as an independent non-executive director and that Graham Stewart, who has served on the Board of Seascape and its predecessor company, Longboat Energy, since its IPO in November 2019 would step down at the forthcoming Annual General Meeting. Board Performance Evaluation Each year the Nomination Committee carries out a Board performance evaluation process, the last being undertaken in December 2025. The evaluation was supported by three processes, namely: a questionnaire focusing on Board and Committee composition and processes together with behaviour and activities; a skills matrix to identify potential gaps in Board and Committee skills, experience and knowledge; and a review of individual director characteristics against a checklist of key qualities. Ovєrall, thє outcomє or thєsє sєparatє procєssєs rєĞєcts a Board that continuєs to runction vєry wєll as a group, with єach mєmbєr contributing єrrєctivєly. Thє Board rєprєsєnts a good mix or industry and financial knowledge, and Board discussions are characterised as transparent and collaborative. The Nomination Committєє idєntifiєd thє nєєd ror a board mєmbєr with thє rєquirєd opєrational skill sєt to support thє Company's next phase of growth and increasing operational focus leading to the appointment of Mike Buck after the end of the period. Report of the Remuneration Committee - Remuneration Report Introduction The Committee is made up of Graham Stewart (Chairman) and Geraldine Murphy who are both independent non- executive Directors. The Remuneration Committee's activities in 2025 can be summarised as follows: Base salary increases Thє Committєє dєtєrminєd that єrrєctivє 1 January 2026, inĞationary incrєasєs or 3.5% wєrє appropriate for all Directors and other employees in order to ensure that the Company's remuneration arrangєmєnts rєmain surficiєntly compєtitivє to motivatє and rєtain thє individuals capablє or achieving the Company's objectives. 2025 Annual Bonus The 2025 Executive Directors annual bonus scheme was dependent upon the achievement of various Company KPIs dєscribєd latєr in this rєport. Bonusєs wєrє dєclarєd to thє Exєcutivє Dirєctors and Orficєrs at the year-end payable in the form of a combination of nil cost options and cash with the latter deferred pending a suitable liquidity event (post year end the Directors elected to receive the bonus under Long Term Incentive Plan). Bonus payment to all other employees, based on the same KPIs, were paid out in any event. Executive Contingent Cash Bonus A bonus arrangement has been introduced for Executive Directors tied to accomplishing an event which rundamєntally transrorms thє businєss and significantly єnhancєs sharєholdєr valuє, such as an M&A transaction. The exceptional bonus decided by the Committee in its sole discretion would be paid in cash and would be in addition to the annual bonus. This exceptional bonus in envisioned to be a one-off payment in special circumstances and not recurring annually. Long Term Incentive Plan (LTIP) The Committee has made grants under the Company's LTIP to all employees including the Executive Directors. Grants in the form of both nil cost and market priced options to acquire ordinary shares of 10p each in the Company as set out in Note 26. Non-Executive Directors Long Term Incentive Plan (NED LTIP) The Board of Directors has made awards under the NED LTIP to the newly appointed Non-Executive Directors noting that the London Stock Exchange and the Financial Reporting Council (FRC) have updated their approach to Non-Executive Director incentives for AIM companies accepting that awarding NEDs equity and share options helps align them with the interests of investors. The awards have been scaled to ensure there could be no actual or perceived risk or threat to the independence of the Non-Executive Directors. Feedback on Directors' Remuneration Report The Company welcomes questions and feedback from all those interested in this report. At last year's Annual General Meeting, the Committee was very pleased with the strong support by the Company's members for the resolution to approve the Directors' Remuneration Report with 84.5% votes cast in favour. The Directors also look forward to receiving your support for the Directors' Remuneration Report at the forthcoming AGM. Summary of the Directors' Remuneration Policy The Committee has established the policy on the remuneration of the Executive Directors and Executive Chairman, and the Board has established a policy on the remuneration of the other Non-Executive Directors. The Remuneration Committee continues to take the views of shareholders seriously, which will be considered when evaluating and setting an ongoing remuneration strategy. Thє policy on Dirєctors' rєmunєration is that thє ovєrall rєmunєration packagє should bє surficiєntly competitive to attract and retain individuals of a quality capable of achieving the Company's objectives. Thє objєctivє is ror ovєrall rєmunєration including salary, bєnєfits, bonus and long-tєrm incєntivєs to bє at or near the upper quartile for companies considered by the Committee to be comparable to the Company. Remuneration policy is designed such that individuals are remunerated on a basis that is appropriate to their position, experience and value to the Company. The current terms and conditions of the Directors service contracts and letters of appointment have been sєt to rєĞєct thє Company's currєnt activitiєs. The main components of the remuneration policy and how they are linked to and support the Company's business strategy are summarised below noting the following changes made over the period: Objective and link to strategy Basє Salary Corє єlєmєnt of rєmunєration, sєt at a lєvєl which is sufficiєntly compєtitivє to rєcruit and retain individuals of the appropriate calibre and experience. Operation Salaries are reviewed annually, with any changes being effective from 1 January each year. When determining salary increases of the Executive Directors, the Committee takes into account the employment conditions and salary increases awarded to employees throughout the Group. Any salary increases will be determined by the Committee. There is no maximum salary opportunity. Salariєs togєthєr with othєr fixєd bєnєfits including pєnsion will bє bєnchmarkєd pєriodically against comparable roles at companies of a similar size, complexity and in the Exploration & Production sector, with thє objєctivє ror total fixєd rєmunєration to bє in linє with thє mєdian pєєr group. Maximum opportunity Salary increases will be determined in accordance with the rationale set out under the column entitled 'Operation'. Performance assessment Not applicable. Objective and link to strategy Othєr bєnєfits Support individuals in carrying out thєir rolєs. Operation Rєviєwєd pєriodically to єnsurє bєnєfits rєmain markєt compєtitivє. Bєnєfits typically comprisє lirє assurance cover, private health care arrangements and permanent health insurance. Maximum opportunity Bєnєfit valuєs vary yєar on yєar dєpєnding on prєmiums and thє maximum potєntial valuє is thє cost or thє provision or thєsє bєnєfits. Performance assessment Not applicable. Objective and link to strategy Annual bonus Incentivises the achievement of a range of short-term performance targets that are key to the success of the Company. Operation Executive Directors will participate in an annual performance related bonus scheme. Bonus scheme awards are awarded annually at the year-end (and will be pro-rated for time). The performance period is onє financial yєar with pay-out dєtєrminєd by thє Committєє rollowing thє yєar єnd. At thє discrєtion or the Committee bonus payments can be paid in cash and/or the Company's shares in line with corporate governance best practice. There will be a provision for malus and clawback of bonus payments. Maximum opportunity The routine maximum annual bonus potential and threshold, for exceptional performance, is 100% of salary, notwithstanding the introduction of the Executive Contingent Cash Bonus below. Bonuses are discretionary and there is no contractual obligation to pay bonuses (other than in exceptional circumstances e.g. where new recruits have foregone a bonus to join the Company). Performance assessment A performance scorecard is used as a guide for the Committee, which reserves the right to override the formulaic outturn based on a broader assessment of overall Company performance. Performance targєts arє basєd on a rangє or corporatє, ESG, opєrational, financial and єxєcutivє tєam pєrrormancє measures. The precise allocation between measures (as well as the weightings within these measures) is determined by the Committee at the start of each year. Objective and link to strategy Thє Exєcutivє Contingєnt Cash Bonus will bє tiєd to accomplishing a єvєnt that significantly increases shareholder value, such as a transformational M&A transaction. Operation Exєcutivє Dirєctors will participatє in thє schєmє which will bє triggєrєd at financial complєtion or a transformational event. Maximum opportunity The performance condition is tied to the Company's share price performance and payout linked to the market capitalisation of the Company (capped at an aggregate bonus pool of £5 million). Performance assessment Payment will be subject to continued employment with the Company and Malus and clawback provisions shall apply. The Remuneration Committee will use its discretion to ensure a fair and reasonable outcome for all parties and shall have full discretion to change terms for the payment. Objective and link to strategy Long-tєrm incєntivєs єncouragє thє achiєvєmєnt of long-tєrm financial pєrformancє and sustainable returns to shareholders in a way that aligns the interests of Executives and shareholders. Operation As approved by shareholders at admission and at each subsequent Annual General Meeting, the Company may issue 15% of its share capital within a ten-year period to satisfy awards to participants in the Long-Term Incentive Plan, Co- Investment Plan, NED LTIP and any other share plan. Long Term Incentive Plan (LTIP): The Company introduced this employee share plan to provide incentivisation and retention. Co- Investment Plan (CIP): Under the CIP employees can purchase shares in the Company (Investment Shares) which will be matched by nil-cost options (Matching Shares). These options will vest provided participants still hold the Investment Shares and meet other certain performance criteria at the end of a three-year period. Maximum opportunity LTIP: The maximum face value of the annual awards is 100% of salary (200% in exceptional circumstances). CIP: Employєєs can invєst up to 50% or thєir prє-tax salary in any financial yєar to purchasє Invєstmєnt Shares. The maximum match is 1:1 (i.e. one option over a Matching Share for every Investment Share) on a grossed up/pre-tax basis. For the Matching Share award to vest, the price of the Company's shares needs to increase by a minimum of 30% over the three-year period). Performance assessment Vesting will be subject to continued employment with the Company and satisfaction of any performance conditions if applied and any other terms or conditions determined at the grant stage. The vesting period will be between one and three years and set by the Committee at each Malus and clawback provisions apply. CIP: The vesting of options over Matching Shares will be subject to continued employment with the Company, satisfaction of the performance targets (if any) and any other terms or conditions determined at the grant stage. Objective and link to strategy Pєnsion to providє compєtitivє lєvєls of rєtirєmєnt bєnєfit. Operation The Company contributes to the personal pension plans of each the Executive Directors, or pays cash in lieu of such contributions. In the UK where such contributions reach the maximum Annual Allowance or an Executive Director has accumulated an amount equivalent to the Lifetime Allowance, such excess contributions are paid as cash. Maximum opportunity Executive Directors and all staff receive a contribution to a personal pension scheme or cash allowance in liєu or pєnsion bєnєfits єquivalєnt to 12.5% or salary. Performance assessment Not applicable. Objective and link to strategy Shareholding requirement to align Executive Directors' interests with those of shareholders through build-up and retention of a personal shareholding Operation Each of the Executive Directors are required to hold shares with a cost equivalent to two times base salary as soon as is practicable. Maximum opportunity Not applicable. Performance assessment Not applicable. New appointments The same principles as described above will be applied in setting the remuneration of a new Non-Executive Director. Remuneration will comprise fees, to be paid at the prevailing rates of the Company's existing Non-Executive Directors, and awards under the NED LTIP. Non-Executive Directors In addition to fixєd rєєs, in linє with AIM-listєd pєєrs or similar sizє-and-rocus and as accєptєd by thє London Stock Exchange and the Financial Reporting Council, the Board of Directors has resolved to make awards of options to the Non-Executive Directors. The awards will be sized to ensure they do not compromise their judgement and role going forward and to align them with the interests of investors. Remuneration Policy for other employees The remuneration arrangements for employees are designed to ensure that they are, in so far as is practicable, also aligned with the Company's objectives: the Company's approach to salary reviews is consistent across the Company with consideration given to the level of responsibility, experience, individual performance, salary levels in comparable companies and the Company's ability to pay; all employees will participate in the same annual bonus scheme as the Executive Directors with opportunities varying by organisational level; and notwithstanding thє currєnt companywidє pєnsion contribution ratє, pєnsion and bєnєfits arrangєmєnts may vary according to location and so different arrangements may be put in place in different jurisdictions. Service contracts and exit payment policy Thє sєrvicє and єmploymєnt contracts or thє Exєcutivє Dirєctors arє not or a fixєd duration and thєrєrorє havє no unєxpirєd tєrms, but continuation in orficє as a Dirєctor, is subjєct to rє-єlєction by sharєholdєrs as required under the Company's Articles of Association. The Company's policy is for Executive Directors to have service and employment contracts with provision for termination of no longer than 12 months' notice and currently no Executive Director has more than six months. The Executive Directors are also entitled to life assurance, travel insurance, permanent health insurance, critical illness cover and 30 days holiday per annum. Their appointment is terminable by six months' notice by either party. Upon a change of control of the Company, the Executive Directors are entitled to terminate their service agreements within three months of the completion of such an event and receive compensation in the form of 6 months' salary and 65% of any bonus paid in the previous period. The agreement also imposes cєrtain rєstrictions as rєgards thє usє or confidєntial inrormation and intєllєctual propєrty. The Non-Executive Directors do not have service contracts. Letters of Appointment provide for termination of the appointment with three months' notice by either party. Executive Directors Date of service contract Date of appointment Notice period James Menzies 12 September 2023 27 June 2024 6 months Nicholas Ingrassia 9 June 2021 21 June 2021 6 months Pierre Eliet 18 December 2023 13 February 2025 6 months Non-Executive Directors 1 Appointment letter Date Appointment to Notice period by Company or director Graham Stewart 28 November 2025 30 June 2026 90 days Geraldine Murphy 25 June 2024 27 June 2027 90 days Haida Hazri 12 February 2025 13 February 2028 90 days Michael Buck 12 January 2026 12 January 2029 90 Days 1 The standard appointment letters are renewed every three-years. Long Term Incentive Plan The maximum face value of LTIP awards is 100% of salary with up to 200% in exceptional circumstances. Vesting of LTIP awards will be subject to continued employment with the Company and any other terms or conditions determined at the grant stage by the Remuneration Committee including the satisfaction of any performance conditions. Malus and claw back provisions apply. Following the year end on 13 January 2026 nil cost options were granted under the LTIP to the Executive Directors as part payment of the 2025 bonus which will vest in 12 months after grant and be exercisable for a pєriod or up to fivє yєars. Executive Director LTIP Award Issued Share Capital No. % Nicholas Ingrassia 232,721 0.37 James Menzies 164,991 0.26 Pierre Eliet 166,578 0.26 Co-investment Plan Under the CIP employees can purchase shares in the Company (Investment Shares), which will be matched by nil-cost options over shares (Matching Shares). These Matching Shares will vest provided participants still hold the Investment Shares and meet certain other performance criteria at the end of a three-year period. Employєєs can invєst up to 50% or thєir prє-tax salary in any financial yєar to purchasє Invєstmєnt Sharєs. The maximum match is 1:1 (i.e. one option over a Matching Share for every Investment Share) on a grossed-up/ pre-tax basis. For the options to vest, the price of the Company's shares needs to increase by at least 30% over the three-year period. The vesting of options over Matching Shares will be subject to continued employment with the Company, satisfaction of the performance targets and any other terms or conditions determined at the grant stage. Performance will be measured at the end of a three-year performance period against absolute Total Shareholder Return targets. During the period no awards were made under this scheme. Annual bonus - 2025 structure and outcome During 2025, the Company operated an annual bonus scheme for all employees and the Executive Directors. The maximum level of bonus award for Executive Directors for the year was 100% of annual salary. For all participants, bonus awards were conditional upon achievement against a mixture of Group wide KPIs and personal performance. When determining the level of award attributable to the personal performance element of these individuals' bonuses, consideration was also given to the extent to which they demonstrated the Company's "high performance behaviours" during the period and also the level of their understanding, application and compliance with the Company's various standards and policies. Taking into account commercial sensitivities around disclosure, a summary of the relevant targets, ascribed weightings and achievement levels is set out below: Environment, Social and Governance (weighting 5%) which includes HSE, governance and sustainability targets (score 5%); Corporate (weighting 20%) which covered a range of corporate targets including reducing the Company's share price discount (score 16%); Business development (weighting 30%) which included the award of new licences (score 30%); Operational (weighting 15%) which included a range of targets relating to the Comp...

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